8 Features Of The Pradhan Mantri Awas Yojana

By Author: Anil
Total Articles: 9
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The government of India aims at making the country a developed nation with equality and freedom for all individuals, whether rich or poor, male or female, youth, or senior citizens. They want to provide facilities and benefits to every individual, irrespective of their caste, class, religion, or section in the society. After all, they should get the requirements such as shelter, water, food, and other amenities for survival. Every democratic nation needs to pay attention to the needs of people and solve their problems. The government is trying to achieve it through different schemes and programmes.

The Pradhan Mantri Awas Yojana: Housing for all Urban is a government-run scheme introduced to the public in June 2015 to offer affordable housing solutions to the economically backward sections of society. An initiative by Prime Minister Narendra Modi, it provided two crore people with affordable housing and water connection, toilet facilities and 24x7 power supply. They aim to achieve their target by 2022. Here are eight features it offers:

1.Central assistance of INR 1.5 lakh per dwelling unit for affordable housing ...
... in partnership and beneficiary led individual house construction and enhancement

2.Grant of INR 1 lakh per house by the Government of India for the rehabilitation of the slum

3.An interest subsidy to a maximum loan tenure of 20 years up to 6.5 per cent on housing loans

4.It encourages women to be homeowners or co-applicants

5.Senior citizens and differently abled must take the ground floor accommodation

6.The quality and design of the house or flat follows the guidelines of the National Building Code and the National Disaster Management Authority

7.The loan amount or cost of the property has no limits

8.The usage of eco-friendly and sustainable materials is mandatory for house construction under PMAY.

Applicants can also apply for Pradhan Mantri Awas Yojana online by visiting the government’s website. They have to click on the ‘Citizen Assessment’ option under the ‘Menu’ tab. After entering the Aaadhaar details, they have to enter the relevant information on the online application form such as income, personal information, bank details, etc. They will receive a unique application number after saving the document. They can then approach the nearest CSC office or financial institution offering this facility and submit the form with the documents.

The documents required for PMAY scheme include the application form, PAN card, Aadhaar card, Voter ID, utility bill, last six months’ bank statement, last two months’ salary slips and ITR or latest Form 16. Property documents include the seller’s agreement, the allotment letter, and a copy of payment receipts to the developer.

Anil is a financial expert with over 5-plus years of experience in investment banking. In his free time, he writes on Demat. Here, he has explained 8 features of the Pradhan Mantri Awas Yojana.